Gold Bull Resources Corp. (TSX-V: GBRC) is pleased to report that drilling intercepts at the North Hill deposit have confirmed the continuity of an internal high-grade zone and extended the known shallow mineralization to the east, and hole SA-0049 at Abel Knoll has confirmed continuity of an eastern extension to the Mineral Resource Estimate.

Highlights & Update:

• North Hill SA-0037: 32 m at 1.31 g/t gold from 42.7 m, including 1.5 m at 9.34 g/t Au
• North Hill SA-0039: resource extended by about 80m to the east
• All mineralization at North Hill is oxidized, and the resource remains open at depth
• Abel Knoll mineralization intersected outside of Mineral Resource and remains open
• 3450 m (11315 ft) for 17 holes completed during current program with 1550 m (5090 ft) remaining for 5 holes
• More assay results expected soon, and drilling continues onsite at Sandman

Gold Bull CEO, Cherie Leeden commented:

The more we drill, the more ounces we are defining outside the known resource at Sandman. In addition to adding ounces, the consistent grades returned from within the North Hill deposit including 32m of near-surface oxidized mineralization grading 1.31g/t Au (including a high-grade zone going 9.34 g/t gold over 1.5m) make for a compelling case to investigate the economics of a start-up operation. We have circa half a million ounces of gold sitting at or near the surface and intend to commence a Scoping Study after receiving the lab results from this drill program.

Background

North Hill

Recent Hole SA-0037 returned 32 m (105 ft) at 1.31 g/t Au from 42.7 m (140 ft), including 1.5 m (5 ft) at 9.34 g/t Au from 59.4 m (195 ft), confirming the continuity of a high-grade zone defined within the Mineral Resource Estimate by earlier drilling (refer to press release “Gold Bull drills several shallow high-grade intercepts including 13.7m @ 10.95 g/t Au from 41.1m; Extends North Hill high-grade gold mineralization at Sandman” dated March 29, 2021). Hole SA-0037 also intersected 1.5 m (5 ft) at 0.26 g/t Au from 77.7 m (255 ft) and 1.5 m (5 ft) at 0.2 g/t Au from 160 m (525 ft).

Hole SA-0039 was collared 80 m east of the nearest edge of the current Mineral Resource Estimate to test for down-dip extensions to the North Hill shallow strata-bound mineralization. Hole SA-0027, drilled in 2021 beneath the eastern edge of the Mineral Resource Estimate, had returned three mineralized intervals: 19.8 m (65 ft) @ 0.6 g/t Au from 4.6 m (15 ft), (including: 6.1 m (20 ft) @ 1.18 g/t Au from 9.1 m (30 ft)), 15.2 m (50 ft) @ 0.39 g/t Au from 30.5 m (100 ft), and 21.3 m (70 ft) @ 0.44 g/t Au from 51.8 m (170 ft), all of which lie within 65 m (213 ft) vertical depth below surface, which is within range of a possible open pit design. (Refer to press release “Gold Bull Reports Sandman Drill Holes at North Hill and Silica Ridge Intersect Gold Mineralization Outside of Current Resource” dated July 21, 2021.) These intersections, located near the Mineral Resource Estimate boundary, indicated that the mineralization remained open to the east and SA-0039 was planned as a significant step-out. Hole SA-0039 returned 4.6 m (15 ft) at 0.94 g/t Au from 39.6 m (130 ft), confirming that opportunities to discover further shallow (potential open-pit) extensions to the Mineral Resource Estimate exist in this sparsely drilled area to the east of North Hill.

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Figure 1. Sandman location map showing 2021 mineral resources and targets. Drill holes returned at North Hill for SA-0035 to SA-0039 are labelled.

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Figure 2. Location map of North Hill drill holes showing A-A’ cross section. Drill hole collars SA-0035 to SA-0039 are shown. Note: Holes SA-0035 and SA-0036 were included in prior announcement dated April 19, 2022. Holes SA-0037 to SA-0039 are new results.

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Figure 3. Cross-section of North Hill drill results SA-0035 through to SA-0039. Gold intersections >0.1 g/t gold are shown in blue and intersections >0.2g/t gold are shown in red. The results shown in red are Included In the significant Intersections table below. Note: Holes SA-0035 and SA-0036 were included in prior announcement dated April 19, 2022. Holes SA-0037 to SA-0039 are new results.

Abel Knoll

Hole SA-0049 was drilled to test the continuity of mineralization intersected in resource extension holes SA-0031 (refer to press release “Gold Bull Reports Significant New Gold Mineralization Outside of Current Resource at Sandman Including: 90m at 0.6 g/t Au” dated July 28, 2021) and SA-0050 (refer to press release “Gold Bull drilling intersects high-grade gold mineralization at Sandman, up to 13g/t gold (over 1.5m) at Silica Ridge” dated April 19, 2022). These two holes, located to the east of the current Mineral Resource Estimate, had intersected several intervals returning average gold grades above the 0.2 g/t Au resource cut-off, with SA-0031 returning 89.9 m (295 ft) averaging 0.6 g/t Au from 76.2 m (250 ft) to 166.1 m (545 ft), including small intervals of internal waste at an average grade of 0.13 g/t Au. The recent hole SA-0049 returned 56.4 m (185 ft) at 0.2 g/t Au from 103.6 m (340 ft). The result confirms the continuity of the mineralized zone east of the Mineral Resource Estimate, which remains open to the north and south.

Drill Summary Table

The table below provides summary of results for this announcement with SA-0037 to SA-0039 drilled at North Hill and SA-0049 drilled at Abel Knoll.

About Sandman

In December 2020, Gold Bull purchased the Sandman Project from Newmont. Gold mineralization was first discovered at Sandman in 1987 by Kennecott and the project has been intermittently explored since then. There are four known pit constrained gold resources located within the Sandman Project, consisting of 21.8Mt at 0.7g/t gold for 494,000 ounces of gold; comprising of an Indicated Resource of 18,550kt at 0.73g/t gold for 433kozs of gold plus an Inferred Resource of 3,246kt at 0.58g/t gold for 61kozs of gold. Several of the resources remain open in multiple directions and the bulk of the historical drilling has been conducted to a depth of less than 100m. Sandman is conveniently located circa 25-30 km northwest of the mining town of Winnemucca, Nevada.

Qualified Person

Cherie Leeden, B.Sc Applied Geology (Honours), MAIG, a “Qualified Person” as defined by National Instrument 43-101, has read and approved all technical and scientific information contained in this news release. Ms. Leeden is the Company’s Chief Executive Officer. Cherie Leeden relied on resource information contained within the Technical Report on the Sandman Gold Project, prepared by Steven Olsen, a Qualified Person under NI 43-101, who is a Qualified Persons as defined by the National Instrument NI 43-101. Mr. Olsen is an independent consultant and has no affiliations with Gold Bull except that of an independent consultant/client relationship. Mr. Olsen is a member of the Australian Institute of Geoscientists (AIG) and is the Qualified Person under NI 43-101, Standards of Disclosure for Mineral Projects.

Quality Assurance – Quality Control

Samples are submitted to American Assay Laboratories’ analytical facility in Sparks, Nevada for preparation and analysis. The AAL facility is ISO-17025 accredited by IAS. The entire sample is dried, weighed and crushed, with 70% passing -10 mesh, then riffle split to 250 g aliquots, which are fine pulverized with 90% passing -150mesh. Analysis for gold is by 30 g fire assay lead collection with Inductively Coupled Plasma Optical Emission Spectroscopy (ICP-OES) finish with a lower limit of 0.003 ppm. Samples were also analyzed using a 36 multi-element geochemical package by 5-acid digestion, followed by Inductively Coupled Plasma Optical Emission Spectroscopy (ICP-OES) for the 36 elements.

About Gold Bull Resources Corp.

Gold Bull’s mission is to grow into a US-focused mid-tier gold development Company via rapidly discovering and acquiring additional ounces. The Company’s exploration hub is based in Nevada, USA, a top-tier mineral district that contains significant historical production, existing mining infrastructure and established mining culture. Gold Bull is led by a Board and Management team with a track record of exploration and acquisition success.

Gold Bull’s core asset is the Sandman Project, located in Nevada which has a 494,000 oz gold resource as per the 2021 43-101 Resource Estimate. Sandman is located 23 km south of the Sleeper Mine and boasts excellent large-scale exploration potential. Drilling at Sandman is currently underway.

Gold Bull is driven by its core values and purpose which include a commitment to safety, communication & transparency, environmental responsibility, community, and integrity.